/biz/ - Business & Finance

>>7202556
He did nothing wrong. Paid by (((them))) to spread FUD and conspiracy to get into your brain after months. And then all the fake chads sold after the bloomberg article went public.
(((They))) want to destroy your crypto heaven. And they are doing a quiet good job right now.

If Carlos from bitconnect had one this dude definitely does.

>>7202556
>It's the person's warning me fault that tether is a scam!
Stop projecting blame off Rabbi Bitfinex faggot

>>7202621
>He did nothing wrong. Paid by (((them))) to spread FUD and conspiracy to get into your brain after months. And then all the fake chads sold after the bloomberg article went public.
Lettuce be real anons, Bitfinexed may have done nothing wrong but he is still the personification of the Tether FUD.

People need to let their rage out into someone and he is the perfect target. I honestly dont see how he wont end up being doxxed and found by cartel members and such. Especially if the money laundering think with Tether is true.

>>7202670
It doesnt matter whether its his fault or not. Thats why the number 1 rule you should follow is NEVER be the messenger for bad news. You will always get fucked. Some weathermen are attacked/harassed for delivering bad weather, you dont think Bitfinexed will get fuck?

This shit has been going on since we were caveman. Never be the bearer of bad news anons.

http://48laws-of-power.blogspot.com/2011/05/law-24-play-perfect-courtier.html

Bitfinexed hates all of crypto and wants to see it fail. He particularly thinks Bitfinex cheated him out of his BTC when he sold them at 1k. He's said himself he wants cryptopocalypse

>>7202621
Then HE DID something wrong
>>7202556
Yeah I wouldn't be surprised if some whale finds where he lives and do some nasty shit to him
Surprised he didn't close his twitter yet

>>7202909
>Bitfinexed hates all of crypto and wants to see it fail. He particularly thinks Bitfinex cheated him out of his BTC when he sold them at 1k. He's said himself he wants cryptopocalypse

Yeah i noticed that too when he fuds scaling problems in ETH instead of you know, just focusing on Tether. WTF does ETH scaling have to do with fraud?

He is going to get whats coming to him. Cant wait to see his faggot ass skinned alive in LiveLeak.

>>7202677
So, you know he was just trying to warn you, you know it would have been helpful to listen to him, but you still want him dead just cause you need someone to blame other than your dumb ass? You were never going to make it anyways

>>7203119
There's a difference between warning and repeating the same thing 24/7 to alert the kikes

>>7203150

>>7202556
why do people hate him? hes literally a hero. he's whistleblowing on one of the biggest financial scams of our time, and is going to single handedly take down the corrupt crypto empire.

>>7203257
no he isn't.

Bitfinexed is just a schizo faggot who throws out baseless accusations all day, it's blatantly clear he's bitter that he sold out early so he resorted to nocoiner hope of trashing crypto. Tether isn't pumping bitcoin retards.

>>7202995
>but you still want him dead just cause you need someone to blame other than your dumb ass?
Pretty much. Thats how people work.

>>7203327
This

>>7203363
>>7202995
>He is going to get whats coming to him. Cant wait to see his faggot ass skinned alive in LiveLeak.
so i guess it's not how "people" work, it's how you work

>>7203327
I'm actually confused WHEN to be angry at him.

If he is NOT telling the truth and the tether fud is bullshit, then I would actually be happy since I can buy in a discount and it will recover.

However if he is telling the truth, yeah the cartel should kill this mofo.

>>7203568
Why dont you read more psychology texts and history books faggot? Thats exactly how it works. Its even more true when money is involved.

People need someone to blame for their misery. Bitfinexed is the perfect personification of the crash. He is going to have a lot of trouble.

The average person isnt an INTJ wannabe like you. If you were actually smart you would realize this.

>>7203580
he acts like some kind of genius cause he takes a stance against tether. Yeah tether is shady but they have to resort to a lot of cat and mouse tricks to continue operating in this industry especially with bunch of banks trying to fuck you over.
Bitfinex most likely has the assets to back tether and even way more, it's just retarded to think Bitfinex would run a extremely risky operation like tether which anyone can look at through the blockchain to make penny change when they can make a killing off running a legit exchange.

>>7202995
>HE SHOULD BE SKINNED ALIVE FOR BEING SKEPTICAL OF CRYPTO. HE DOESN'T LIKE WHAT I LIKE!!!

Fucking caveman. Defend your position rationally.

>>7203769
You shouldnt be worried about Bitfinex not having the funds anon, they definitely have it.

What you should be worried about is them being shut down because of money laundering. Bitfinexed hates Tether and his primary FUD is the lack of funds, but imo he missed the target slightly.

I truly believe there is money laundering involved. But yeah, they have the funds to back up tether.

>>7203843
>Fucking caveman. Defend your position rationally.
What can i say, I am what bitfinexed is to Tether... i am bitfinexedexed

>>7203857
Every exchange is doing it, not only bitfinex, but that's where they fucked up...Money laundering doesn't allow them to do a full audit or get their bank accounts in public otherwise instant freeze of all bank accounts

>>7203915
>Money laundering doesn't allow them to do a full audit or get their bank accounts in public otherwise instant freeze of all bank accounts

This is probably why they dont want to have a full audit, not because they dont have the funds.

If Tether is being used to launder, then all exchanges are in it or willfully ignorant.

>>7203915
>>7203956

so the problem is that the bitfinex and tether audit threat is showing that bitfinex may be laundering money?

i figured people would be after the tether people but i just see stuff about bitfinex on here all the sudden. can't y'all just withdraw your coins from there?

>>7202670
>tether is a scam

>>7204428
>so the problem is that the bitfinex and tether audit threat is showing that bitfinex may be laundering money?
Think of bitfinexed as an annoying little brother who tries to snitch you to your mom

>hurr durr mom! anon didnt go to school today
>you did in fact go to school today so your brother is wrong and is dumb as fuck
>but while investigating whether you went to school today, your mum found drugs in your bag
>your mom fucks you up

Thats how the Tether situation will play out

>>7204543

i never heard of people cashing out with tether. i guess i never understood it. seemed a little "off" to me, tho. i get it, pretending to cash out on an exchange that doesn't allow you to cash out. doesn't seem much different than coinbase except you can't actually cash out.

i don't understand why they bothered saying they really had USD to back it up. why didn't they just say "we're going to make a coin that doesn't fall/rise. pretend it's a USD and pretend to cash out with it." is that illegal, too?

>>7205050
1. Transfer dirty money to Bitfinex
2. Get Tether
3. Use Tether to buy BTC
4. You now have BTC that are considered "clean"
5. Remove BTC from the exchange

They are retarded to believe they are insolvent anon. But they are laundering money. This is why people wire in money even though they can't cash out USDT.

>>7203327

Until Bitfinex name their CEO and audit their books then the FUD is entirely justified. Considering Bitfinex has been stating they're getting an audit for over a year I can only conclude they've completely pumped the market with unbacked worthless tethers.

Prove me wrong.

Protip: You can't.

>>7202556
Who the fuck are you all talking about?

>>7205161
(you)

>>7205122
You make up a conspiracy and everyone else has to prove you wrong?

Next level of science.

>>7205106

oh, i see. i didn't know you could wire in money. whew, makes me want to withdraw my coins off binance. they have a USDT trading pair, too. have most of my large stacks on a trezor, tho.

ee94029c49f9df548f665a289b22db5cebdf2944577150124af88c2379c372715059d12364baf3a2f23bd8f0f805fcc811e9ffbf2d2acdaf1b1cd28bb5fa289b -

>>7202995
>torture
I want that bitch yell.

>>7205187

What conspiracy? The Tether company is supposed to be highly transparent by their own mandate and they are not. They refuse to audit themselves, thus the logical conclusion is they're printing tethers and quite a lot no doubt.

It's quite simple really, a company that is supposedly accepting USD for USDT but hasn't had access to banking for 6 months quite literally cannot accept USD thus cannot issue USDT.

Tether will wipe out crypto sooner rather than later.

>>7205536
>They refuse to audit themselves,
Thats because they are laundering money not insolvent REEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE

>>7205536
Still a conspiracy theory.

noun
1.
a theory that explains an event as being the result of a plot by a covert group or organization; a belief that a particular unexplained event was caused by such a group.

>>7205655

The evidence is very obvious and damning, if you can't see that then you're just another dumbarse with an open long position hoping for a bounce roflmao

Bitfinex and Tether should not be trusted

>>7205733
Calling a conspiracy theory an evidence now is a bit too much anon. I get your point, but just stop with your random wording.

It can go either way and i can understand both sides.

>>7202757
That's 3rd worlder people effeminate cowardice. Whites have honour and courage and a belief in truth, you wouldn't understand mud faggot.

>>7205733
You have to be retarded to believe they are insolvent. They are not. But an audit will likely lead to a reveal that they are laundering money.

>>7202995
This

Fucking bitfinexex is a subhuman no coiners nigger lover who sold at $1000 and has been salty ever since

>>7203257
This. He gave WNs a warning signal to get their gains out of the market.

>>7205796
>That's 3rd worlder people effeminate cowardice. Whites have honour and courage and a belief in truth, you wouldn't understand mud faggot.
Kys faggot, deep inside every white man is a nigger

>>7205840
t. mud who doesn't understand White honour

>>7202556
Wait why would you be mad at the guy who tried to warn you instead of the people who scammed you? People are so fucking dumb

>>7205788

>Tether & Bitfinex refuses audit
>Tether & Bitfinex refuses to even name their CEO
>Tether & Bitfinex admits to wash trading & spoofing

>random wording

Kill yourself and close your long position idiot.

>>7205802
Bitfinex is not insolvent they're making plenty of money and likely laundering a whole heap more, but they're certainly not making anywhere near the money they're printing with Tether.

>>7205971
Wow I can make shit up on the internet too anon! Just, if your gonna lie do it on some silly LARPing.

The Tether scam is a good test that sorts the Whites from the chaff, because it requires both IQ, courage and the ability to act as an individualist and defy the herd. Asians (and the top-tier of 3rd worlders) will have the IQ to understand the Tether scam, but only Whites with have the courage & individualism to say "the emporer has no clothes, there is a gigantic fraud at the heart of all this."

Asians will go with the collectivist "don't rock the boat" mindset like the Korean students who stayed in their cabins as their cruise ship sunk. They knew it was sinking, they weren't dumb, but they didn't possesses the courage to defy the loadspeaker voice (or defy their fellow coward herd) and walk to the deck to save themselves:
https://www.youtube.com/watch?v=lPhZLYetJ7w

>>7205893
because they don't see them as scammers but as market pumpers.

>>7206105

If you're going to try to undermine my post at least provide an argument you nigger

https://www.youtube.com/channel/UCbUsrLFoofjdKiqbQm8wVvQ

Bitfinexed youtube provides all the sources for my claims. Kill yourself.

>>7206206
>Bitfinexed youtube provides all the sources for my claims. Kill yourself.
Dox and kill this soyboy too REEEEEEEEE he is clearly one of /them/

>>7205572
>Thats because they are laundering money not insolvent

so why don't they come up with clean books and secure a few more years of laundering?

>>7206112
2 B and forgotten 2 days later

>>7206317
>so why don't they come up with clean books and secure a few more years of laundering?

Getting the money to prove they are solvent is much easier to do than clean books dont you think? Which is why its more likely they are afraid of audits not because of insolvency but because of money laundering.

>>7206300
>there are USD2,000,000,000 that are unaccounted for
>typical bankster scheme
>he is clearly one of /them/

>>7206408
Coinbase made 1b in profits this year, is it really that farfetched that BFX made more than 2b?

Look its pretty fucking easy for them to get some temporary money to cover their asses. Thats not the problem though because they are solvent. Its the fucking money laundering thats the problem.

How retarded can you be. Bitfinexed kept reeeeing about insolvency which caused eyes to look towards Bitfinex. He was right Bitfinex is doing something shady but he is dead wrong about what that shady thing is.

Solvency is a red herring. They are counterfeiting USD (from US perspective) and the bankster/usgov coalition will bring them down.

>>7206474
Coinbase may be crap, but they are based in the US, their USD wallets are FDIC isnured (up to 250K), and they are obliged to go transparent with earnings.

Bitfinex are based in HongKong, are definitely involved in laundering, and are most likely insolvent (the earnings are long gone in Chinese government official pockets, CEO's, etc.).

also, go somewhere to wither and die

>>7206206
what argument? want me to dissect?
>refuses to audit
Closest you have and so? they had a partial audit in september.
>refuse to name their CEO
You can literally find Jean Louis van Der Velde on linkdin my dude
>admit to wash trading
They have denied any allegation.
Also
>bitfenixed provides all my ciations!
the ramblings of a crazy dude is not a citation. He doesn't even have hard evidence or his own citations. In fact I bet he gave you the misinfo of them admitting washing or refusing to name their CEO. I wouldnt be surprised if they did some shady shit. But your boyfriend is a deranged conspiracy tard.

>>7206641
>t. brainlet thinks the earnings are long gone in Chinese government official pockets, CEO's, etc.
>Going through this many mental hoops just to be able to stick with the insolvency part

Kys, they are clearly laundering money but not insolvent.

>>7206474
They had $1 billion in revenue, you idiot.

>>7206474
>>7206641
You guys missed the point. 100% reserve for something most 99% of people dont cash out is absurd, and thats what raises red flags imho.
While "insolvency" is being misused terribly. Issued Cryptocurrency tokens are not a liability. That would make most ICOs insolvent since they probably cant buy back 100% at market price if it moons.They are not ""counterfeiting money" for having a fixed exchange rate on their coin. Now, they have suffered their biggest FUD campaign to date, and still have the reserves to keep Tether at $1. So that's good enough to me at a functional standpoint. The problems lie elsewhere.

>>7206700
>>7206700
Insolvency is one of the most common and specific issues to arise with money laundering. You are aware of this, right?

>>7206696

>Closest you have and so? they had a partial audit in september.
Worthless, all it stated was that bitfinex had an amount of cash in their accounts. It is absolutely not tied to Tether.

>You can literally find Jean Louis van Der Velde on linkdin my dude
Link? Proof he is the CEO?
>They have denied any allegation.
The videos listed by Bitfinexed strongly suggest otherwise.
>the ramblings of a crazy dude is not a citation.
This is not an argument and baseless ad hominem attacks on Bitfinexed is a poor attempt to undermine his work.

>>7206881
>Insolvency is one of the most common and specific issues to arise with money laundering. You are aware of this, right?

You realize that they were hacked before and they were admittedly insolvent AT ONE POINT? It was publicly announced they were hacked. Thats why they had to resort to money laundering.

Now they are solvent but the problem is, they are in too deep in the money laundering scheme.

>>7206700
Dunno how they are “clearly laundering money”. I was pretty hooked on the tether fraud thing for awhile, but this is an interesting perspective on it. Why are you so sure they are laundering money?

>>7206934
Whats up bitfinexed, you are too easy to spot my man

>>7207025
>Why are you so sure they are laundering money?

I'm not 100% sure but its more likely compared to the whole insolvency in 2018 thing. They are willing to show their USD balance but not reveal their banks. This is likely why Friedman LLP cut ties with them.

If they reveal their bank, they will get cut off by the government even if they have enough USD to back up tether. Think about how many banks are closing their clients account for being tied to crypto, and those fuckers are just retail investors.

>>7206934
.
>Worthless, all it stated was that bitfinex had an amount of cash in their accounts. It is absolutely not tied to Tether.
So? the stupidity in the tether thing, is why would anyone have a 100% reserve ratio. You idiots keep chasing the wrong rabbit hole. But I digresa, not voluntarily undergoing an audit, after you are dissatisfied with a firm, is not evidence of wrongdoing.
>Link? Proof he is the CEO?
They have stated it several times amd from what info can be gathered it checks out. Prove Bezos is CEO of amazon.
>>They have denied any allegation.
>The videos listed by Bitfinexed strongly suggest otherwise.
So, some guy with a youtube channel suggeats they admitted it? tha ks Ill stick to their statements as authority on what they said or didnt say.

>This is not an argument and baseless ad hominem attacks on Bitfinexed is a poor attempt to undermine his work.
What work? what have I undermined? he isnt a whistleblower. He hasnt uncovered anyrhing. He is just making fucking theories on Youtube and medium basically MattPatt with Bitfenix. Not even FUDster MSNers will touch him.

>>7206934
Also if you find your microphone, flibbr is waiting for you

classic pleb mob idiocy ... the only ones that really will mean him harm will be the assholes heavily invested/involved in bitfinex/tether knowing they been wheeling and dealing a scam

if his personal info leaks maybe even dumb fuck tier of people ...

i wish him the best of luck - this bitfinex tether fuckery would've come out eventually with or without him

... i certainly wouldn't have been the one to break the news - this is a market of hoodlums and crooks with a lot of dumb money in it

>>7207211
>classic pleb mob idiocy
Thats the point, as soon as he gets doxxed he is good as dead. We are not murderers.... we are just being like classic "journalists". We want to get his details leaked and whatever the public wishes to do with that information is up to them.

Hint: It will most likely end up with Bitfinexed getting tied to a pole and skinned alive in some part of Colombia

hahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahahhahah

If u fucking fools think that 1 guy who has written a few Medium articles can reduce your networth by 50% in a single month, then you have some deep thinking to do about the shitty "technology" y'all are investing in.

U cant want to play in the wild west and then bitch and moan when things act unstable (or in OP's case, blaming some twitter acct with like 30k followers)

>>7207326
>U cant want to play in the wild west and then bitch and moan when things act unstable (or in OP's case, blaming some twitter acct with like 30k followers)

This is the wild west. Thats why when you piss a mob off, you get killed lol.

I follow him because he tweets some good info on bitfinex and tether...

But lately I've noticed he actually hates crypto as a whole and thinks it's a scam. The fuck is wrong with him?

>>7202677
>I honestly dont see how he wont end up being doxxed and found by cartel members and such
You only get put on the dark web with money on your head for a reason. The fact that this guy made a lot of autistic faggots like yourself angry isn't a reason. Now go eat your tendies and clean your room.

>>7203327
Don't tell me you didn't sell the high. You limp dicked faggots are embarassing. You wouldn't even stand up to your little sister. But have fun LARP'ing here.

>>7207101

>is why would anyone have a 100% reserve ratio.
>is why would anyone have a 100% reserve ratio.
>is why would anyone have a 100% reserve ratio.
>is why would anyone have a 100% reserve ratio.

LOL

>>7207523
ever heard of fractional reserve banking? And that's with real money, in real banks, that have to honour my demand deposits. Now imagine a crypto currency that is exchanged for crypto currency. Considering how well they stabilize price they clearly have enough cash/crypto on hand. I wouldnt be 100% suprised if they wash traded tether. But I digress, a 20% reserve would be more than adequate. They are a profit maximizing company and with that they would be relatively risk free. But I think you explained your retardation, thinking 100% reserves, aka effectively running at a loss is some how a brilliant idea, and its panic mode not have it. Hope you don't ever use commercial banks anon!

>>7207651

Fractional reserve tether is your brain child right? LOL man you crack me up.

How much are you getting paid to shitpost to a few autists on /biz/?

>>7207701
Not an argument Bitfennixed. Only reason they need any reserve is to maintain price. They are not a bank. But yeah again, I have literally all my money in a fractional reserve bank. If this somehow scares you, you might legitimately be retarded.

>>7207759

I'm not bitfinexed lol

>>7207807
Well you certainly talk like him. it's distinguishable like ACfag. But I'll give you the benefit of the doubt because he probably isn't even as retarded about the 100% reserve thing.

>>7207701
They've entered the bargaining phase
>Yes Tether is a scam that lies about having 1:1 USD:USDT reserves, but it doesn't even need to!

>>7208018
Whether they do or they don't. Stating to have 100% reserve arouses suspicion to me. They objectively don't need it.

>>7203327
>Tether isn't pumping bitcoin retards

Well, today it looks like it isn't pumping bitcoin indeed.

>>7208096
False premise, and objectively wrong. Tether promise and maintain that they have 1:1 USD:USDT backing. That is the only reason they are used and accepted.

They have printed 2.25 billion money money tokens, presented them as fiat, and used them to buy crypto on this premise.

>>7207920

The fractional reserve comment is about the most retarded thing I've ever heard of in crypto LOL I'm pretty certain bitfinex'd would say something very similar

>>7208213
>presented them as fiat
wrong.
A fixed exchange rate is easy and in a simple implementation like this easy to maintain. the "backing" is meaningless like when the U.S. Was scared to remove gold. But on steroids cause USD is easy to source. I think a decent amount of retarded liberarians who are attracted to crypto think >>7207523 . My best case scenario is it's just a fast and loose interpretation of it to appease people like you guys who don't understand money.
But with a 20% reserve you could instantly correct some insane dumps, and if you can liquidate other investments quickly, you can go further obviously. I don't think you guys understand how much this shit self corrects. I'm not going to sell tether for $0.9 because I know Tether will correct it to a $1 which means their won't be enough sell orders so it will start to self correct a moderate amount. Of course you forget that Tether is just a crypto. the only exchange with a USDT/USD pairing is not using Tethers "reserve" they are just exchanging USD for a crypto at market price. So to say "WHAT IF EVERYONE NEEDS IT AT ONCE!" is absurd. If everyone in crypto wanted to sell BTC at once we'd hit 0 but I bet you still hold some. Tether wont even let you withdraw from their "backing"
>>7208513
okay "total not bitfenixed" what is your problem with it?

>>7203119
>he was trying to warn you

Oh man he's such a good guy. Spent over a year tweeting about it several times a day every day. Can you believe it?

>>7208538
You're wrong. Tether is a "stable coin," most often with fixed exchange rates whenever there is an interface with fiat (and relatively no volume where it is allowed to float). It's accepted as a "stable coin" because it presents itself as having 1:1 USD:USDT reserves. You have a fundamental misconception about what Tether is and how it is used.

2.25 billion """"dollars""" had been printed and used to buy bitcoin & crypto on the false premise that it is fiat inflow.

>>7208712
>>7208538

He is right, its like how the banks control the US's credit

>>7208764

sorry debt

>>7208764
>>7208786
The bargaining phase of denial
>Yes Tether is a scam that lies about having 1:1 USD:USDT reserves, but they don't need to!

>>7208911

>so oblivious to how it actually works

>>7208538
The reason you hold any reserve is because if the market price drops it is necessary to buy some back to drive the price up. That does not demand 1:1 backing which ultimately is meaningless. Lets say they have 2bil in a bank account. So? you cant touch it cant withdraw it, and if you could would it really matter if it was 2bil at ALL TIMES? no. Multitrillion dollar banks dont do this. Now, nobody with half a brain looks at
>pic related
And thinks "Gee this is clearly thr logo for Fed Reserve issued blockchain banknotes! it is not cash. It is token, like all ICOs and fity billion others. It's sales pitch is that they will do the necessary measures to maintain its fixed exchange against the USD. Infact 1:1 is meaningless other than for simplicity it could be 2:1 0.73:1. etc.

>>7202556
Professional Hitman here AMA

>>7208945
oops meant for
>>7208712

>>7208932
>Print monopoly money tokens
>Buy crypto with it
>Pump price
>Sell crypto for fiat
>Exit

>>7208945
You don't understand what Tether is. Yes is was made and accepted for use as a "stable coin" where you could deposit and withdraw USD for USDT and vice-versa.

>>7209125
>You don't understand what Tether is. Yes is was made and accepted for use as a "stable coin"
What I said.
>where you could deposit and withdraw USD for USDT and vice-versa.
false. But I digress, if that was true you would only need a fractional reserve.
>>7209082
this is actually more likely under a 1:1 backing, at least according to game theory, because the one shot of 2billion reserve exit v.s. the future of an unprofitable business. is straight forward enough you dont need to solve the infinite geometric sequence.
Where as under fractional reserve, future profits of when tether recovers is alluring.

I can't believe retards ITT are STILL defending Tether. Holy shit, this is some Sweden level of cucking.

bitfinex'ed and the CEO of tether having it out ITT

>>7209513

this was my thinking exactly. It doesnt matter if you like this bitfinexed cunt or think he is a salty fag for selling too early. Tether is printing a currency that is without the consent of the federal reserve or their knowledge. This is illegal. And Tether will pay for this, the only question left is how bad this is going to be for all of us

>>7209249

>>where you could deposit and withdraw USD for USDT and vice-versa.
>false. But I digress, if that was true you would only need a fractional reserve.

So what is tether for? Also I disagree fractional reserve would be suitable at all for Tether or Bitfinex, or any other exchange at this point in time.

>>7209701
>This is illegal.

Brainwashed af.

Wtf happend to this thread.... i j-just wanted to kill Bitfinexed....

>>7209701
You don’t need the federal reserve permission to issue crypto backed by dollars lmao.

>>7209701
>Tether is printing a currency that is without the consent of the federal reserve or their knowledge.
What? Just what? Is BTC illegal to?
>>7209788
>So what is tether for?
For the consumer? or for bitfinex?
for the former a stable quick crypto that is fixed against the USD. ever heard the expression "tether up"?
>any other exchange at this point in time.
What? how does an exchange have reserves? it matches buyers with sellers and take a a cut. Its not obligated to put on buy or sell orders, that's what moves prices. Not even direct sellers like coinbase likely have anywhere near a 100% reserve, for every btc in their wallets. Not sure how an exchange you can instantly transfer to would even have a 100% reserve if they wanted to. Though again when you hit 100% cashout value is 0 anyway because it implies no buyers.

>>7209901

read back what you just typed and try and convince me you are not a retard.

If i had a money printing press in my garage and started making 100 dollar notes to imitate US currency that is illegal. Tether is literally a private company imitating a currency they have no connection to.

>>7210005

it doesnt matter what you think because bigger and more powerful people are going to have a say in this, not us. And i can guarantee they wont have such a liberal view of tether or bitcoin that you all seem to have a hardon for. Just accept that Crypto is about to go through a vortex now that everything is out in the open and even though i believe ultimately crypto will triumph, it will be totally fucking crazy from here on out. Like i said, the only QUESTION left is how is this going to affect the rest of us

>>7210005

>Not even direct sellers like coinbase likely have anywhere near a 100% reserve, for every btc in their wallets. Not sure how an exchange you can instantly transfer to would even have a 100% reserve if they wanted to. Though again when you hit 100% cashout value is 0 anyway because it implies no buyers.

Do you realise an exchange watches their balance sheet like a hawk to ensure they aren't exposed to market swings?


They literally have order books to balance shit out, and adjusts their rates buy / sell rates to achieve this.

I am not sure you know exactly what the purpose of a fractional reserve is.

Fractional reserve is purely for liquidity reasons, it doesn't mean that you can claim your token is worth X with out having the assets to back it, or just claim your future profitability will make up for the difference.
If you want tether to be backed by the perceived profitability of bitfinex itself you must be fucking out of your mind for a non

Tether and bitfinex will provide an audit or undeniable proof of funds backing tether.

Bitfinexed will become the most hated person of crypto.

I don't get what's the deal with Tether is.
It's actually the only coin claiming to backed by ANYTHING. 99% of coins don't even do anything at all, just promise thing that might come in the future. The remaining 1% does useless shit that has no real-world application, like ETH spawning shitty tokens
Tether is literally the only coins that claims to be actually backed by something and serves an actual purpose of being a safe haven through the market volatility.
If they just pegged it to $1 without any claims everyone still would buy it, and there wouldn't be any complains.
The more a coin actually does, the more it's being shat on by mouthbreating retards.

>>7210293
>Do you realise an exchange watches their balance sheet like a hawk to ensure they aren't exposed to market swings?
OFC.
>They literally have order books to balance shit out, and adjusts their rates buy / sell rates to achieve this.
Am... Am... Am I being trolled? they have orderbooks to match buyers with sellers and allow users to see open buy and sell orders.You know like, when you buy a coin in binance you are actually buying it from another user right? And if nobody wants to buy your coins tough titties Binance doesn't care. Tether is unique because when this happens they need to buy some as everyone starts lowering sell orders to $0.9. That doesnt really apply to most tokens or exchange scenarios. They dont keep reserves because they arent a bank. If you mean they hold 1btc in their wallet for every 1btc in your exchange account then sure they are 100% reserve. But exchanges hold 1 USDT in their wallet for every one displayed in your account as well...
.
>Fractional reserve is purely for liquidity reasons,
Yes, in banking for demand deposits, or in this instance open market operations
>it doesn't mean that you can claim your token is worth X with out having the assets to back it.
The assets to back it up are far less then you seem to believe. Additionally it doesn't even mean you don't have the capital. Just that you have it in investments rather than in reserve.
>or just claim your future profitability will make up for the difference.
no ofc not.
>If you want tether to be backed by the perceived profitability of bitfinex itself.
I want it to be backed by a fraction of it's mcap. Or, all of its mcap with 80% tied in profitable investments rather than reserves. "backing" a currency is stupid and has nothing to do with fixed exchange rates. fixed exchange rates between multiple fiats have been achieved with ease. Floating exchanges with commodity money have existed.

>>7210293
An exchange isn't required to do shit. An exchange may just take your money and disappear, which actually happens every year with one or another exchange. All exchanges aren't even slightly better than Bitconnect. There is no one regulating them and there is no one who can actually do shit about them stealing from you. Bitconnect has just opened 2 new platforms, after robbing retards off $2.5 billions and there isn't a single judge in the world, that can do shit about it.

What part of UNREGULATED don't you understand, brainlet?

>>7210293
>it doesn't mean that you can claim your token is worth X with out having the assets to back it, or just claim your future profitability will make up for the difference.
Says who?

7210600

>The assets to back it up are far less then you seem to believe. Additionally it doesn't even mean you don't have the capital. Just that you have it in investments rather than in reserve.


And what fucking investments does tether have you retard? That's my point. Investments are assets by the way you fucking moron. Hence why I said it's a liquidity issue.

Bakced by a fraction of it's marketcap? Find me a bank that holds deposits where it's balance sheet is in a net liability position. If you can I'll short it and send the evidence to the NYT.

>>7210763

Fuck off you are a moron at least ulXLq2pS has the concept of it.

>>7210823
Tether never claimed it can be liquidated for USD. It says on their site you can't cash out.
What's you problem?

>>7210852
You do realize that I can make an ERC20 token, peg it to $100 and sell it to people and they will buy it? That's how the whole market works. No cryptro is supported by anything.

>>7210915

>so far in this thread
"Its okay if this company is involved in shady money laundering mkst likely. Even though that means they can never be audited to prove their claims of 1:1 reserves are legit and will forever be locked out of legit financial markets."

I seriously dont understand how you all became so incredibly deluded but its hilarious. Your defense for why you should trust a company you hand your money to is 'theyre not lying about having money, they're just too busy laundering drug and mob money!'

>>7210998
>No Representations & Warranties by Tether: Tether makes no representations, warranties, or guarantees to you of any kind. The Site and the Services are offered strictly on an as-is, where-is basis and, without limiting the generality of the foregoing, are offered without any representation as to merchantability or fitness for any particular purpose.
>Furthermore, residents of certain U.S. states are not permitted to be customers of Tether; are not permitted to cause Tethers to be issued or redeemed; and, are not permitted to hold Tether Tokens.
>Beginning on January 1, 2018, Tether Tokens will no longer be issued to U.S. Persons.

So let's sum it up: Tether doesn't claim they will give you USD for your Tether, they guarantee nothing and if you're American you're using Tether illegally anyway and they can take it all away.

So what's your problem? You didn't read TOS, brainlet?

>>7210823

>And what fucking investments does tether have you retard? That's my point.
Thats my point. If they sold $2billion worth of tether, kept $400mil on hand and put $1.6 into profit generating investments that would make perfect sense and be a legitimate strategy. they claim to be 100% reserve as in $2bil on hand that's fucking absurd and a terrible idea.
>Investments are assets by the way you fucking moron.
Yeah and?
>Hence why I said it's a liquidity issue.
liquidity is set by the market here.
>Bakced by a fraction of it's marketcap? >Find me a bank that holds deposits where it's balance sheet is in a net liability position.
There is none, At least here regulatory boards shut down insolvent banks immediately because they have incentives to make insane risks.
But you seem confused. Do you think USDT=USD? Do you think Bitfenix or Tether are banks? like where does this retardation come from? As I said, if they had $0 for every Tether, they would not be insolvent. Why? because tether is not a demand deposit. it is not a liability. It is a cryptocurrency you can buy sell or trade other people for other currencies or cash. If I make an ICO do I always have to make sure for the rest of time, I have the Mcap of the coin on hand? O bet the Tron team has noqhete near $4bil best pack your bags! The only reason Tether needs any reserve is to maintain price. i.e. be a whale in its own market, such that if the price goes to $0.9 they can make a fuck huge buy order and put them away for when it hits $1.04. that is not "backing" per say either and having to have $USD BEFORE they print the tether is even more silly. And again if there is confidence tether will do that it tends to self correct enough interference would be minimal.
>>7211150
nobody is saying that you fucktard.

>>7211210

Theres 50 posts above in the thread that literally try and justify the lack of audits and transparency by saying the company is most likely laundering money.

>>7211283
You're and they are missing the point. They don't have to justify shit, because there were no guarantees to begin with. Everyone with half a brain knew this already.

>>7211283
What post is saying that? it seems obvious they are hiding things. People are speculating they are hiding things, not defending money laundering. But that would obviously explain it.

>>7211376

So why do business with a company you know or suspect is laundering money? Especially when the type of business you're doing involves handing your real money for bits of computer code.

in the very, very unlikely case that tether/bitfinex is legit expect a bullrun bigger than dec '17

if they are exposed wel'll see a 90% crash

>>7211426
me? I wouldn't advice anyone touch Bitfenix with a tenfoot pole right now, I mean in general just dont use it. I made like $100 swing trading tether(kek told you all it would moon!) but I wouldn't even put large amounts of crypto into it until things cools down. Though I really like the concept of it. And kind of wish it wasn't run by such a shady/potentially incompetent company.
But in general Im pretty sure a lot of companies I see are fronts and shit, whatever I still need a mattress or party supplies.

>>7211476
Crash is priced in, Bitfinexed's death is unironically not priced in

>>7211376

>>7203580
>>7203857
>>7203956
>>7205802
>>7206367
>>7206700
>>7206983

These are the brainlets I was talking about who seem to think money laundering is no big deal.

>>7211669
literally none of those posts are defending money laundering are you retarded? they are saying they think that is the problem not lack of funds. The first one is just saying if the guy is lying he can accumulate for cheap, but if he isnt he wants to suppress info. And the rest are all just saying they think its laundering. Jesus you have terrible reading comprehension.

>>7211771

If you're trying to argue that tether/bitfinex isnt insolvent its 'just' probably laundering money there is an implicit justification being made. As if them being insolvent is less bad than them cleaning up dirty money. If anything it should be worse. They could just unpeg their exchange from 1 to 1 if they did have a real reserve. But if they're laundering that means all the moneys tainted and can never be legitimately audited.

>>7211669
20 of the top 100 coins are used to launder money and fund terrorists and pedos. Crypto was invented to do exactly that. What's you problem again, normie? Are you too dumb to launder money?

>>7211669
>These are the brainlets I was talking about who seem to think money laundering is no big deal.
>brainletS

You fucking reference only one person.. ME. REEEEEEEEEEEEEEEEEEEEEEEE lets include this faggot in our bounty

>>7211210

For fucks sake, you are so wrong you aren't even right.

>Thats my point. If they sold $2billion worth of tether, kept $400mil on hand and put $1.6 into profit generating investments that would make perfect sense and be a legitimate strategy. they claim to be 100% reserve as in $2bil on hand that's fucking absurd and a terrible idea.

You are just describing a bank here.

>Yeah and?

"The assets to back it up are far less then you seem to believe. Additionally it doesn't even mean you don't have the capital. Just that you have it in investments rather than in reserve."

I didn't think you knew what assets / liabilities or reserves actually meant so i cleared it up for you. I still don't think you do heres a hint A+L=E.

>But you seem confused. Do you think USDT=USD?

Yes, because this is what Tether claims to be. Further more it's not a bank, at best it's a derivative, which fucking makes it even more necessary that it's backed 1 to 1.

If it isn't a bank then why are you promoting fractional reserve?

>If I make an ICO do I always have to make sure for the rest of time, I have the Mcap of the coin on hand?

"What is value, what is price"

>The only reason Tether needs any reserve is to maintain price. i.e. be a whale in its own market, such that if the price goes to $0.9 they can make a fuck huge buy order and put them away for when it hits $1.04.

This is how a ponzi works in the early stages before the founders leave with the underlying cash.

>>7211890
>But if they're laundering that means all the moneys tainted and can never be legitimately audited.
>can never be legitimately audited

Thats the fucking point brainlet. Thats why we've been trying to tell you its money laundering not insolvency. But instead you keep eating up Bitfinexed's bullshit.

>>7212121

So you agree pretty much every crypto is massively overpriced if not outright scams? Why get involved again? Something something groundbreaking technology thats going to eat up your life savings?

>>7211890
>you just described a bank
a profitable sustainable bank.
>The assets to back it up are far less than you seem to believe
True. As I said 100x you fucking moron. You dont need the entire market cap. This has nothing to do with banking even. To drive the price up say 10% you do not need 100% of the market cap. Say they even buy 100% of the tether, congrats? the price is $1 but the entire market is gone. You seem to think in order to maintain a pegged excjange rate you need to have an equal amount of the pegged currency. which is 100% false. and isn't borne out of misunderstanding fractional reserve banking
>yes
ahahaha oh so you are fuxking retarded. You saw this on a crypto exchange and thought! OH THIS IS THE FEDERAL RESERVE ISSUED USD! fuck me. I knew they had dumb people in crypto.
>its a derivative!
no, first of all a derivative of USD would not be USD. second of all it's actually a cryptocurrency with a fixed exchange rate tied to the USD. British Pounds and German Marks did that for a while for example, but British Pounds are not German Marks. nor is it a "derrivative" the bank of england did not keep the value of Pounds in circulation as a reserve of Marks that would have been absurd.
>why are you promoting fractional reserve
Well its the least risky they need a reserve to do open market operation.
>thats how a ponzi works.
LMAO. no I dont think you know what a ponzi is.

>>7212191
>So you agree pretty much every crypto is massively overpriced if not outright scams? Why get involved again? Something something groundbreaking technology thats going to eat up your life savings?

How does Bitfinex is money laundering translate to crypto is overpriced? Lmao kys. IMO yes the crypto marketcap is overpriced.

It should probably be around 200B to 300B and majority of it should belong to ETH. Thats compared to how inflated the stock market is too.

>>7202556
She singlehandedly caused Bitcoin to drop from 20k to 8k. Is she the most powerful FUDer of all time?

>>7212322

>>7209249
>But I digress, if that was true you would only need a fractional reserve.
You're arguing against a strawman. Tether has never held itself to be a "fractional reserve" USD token. Nobody has ever traded or used in on the basis of it being a "fractional reserve" token. Your also misusing the concept, insolvent trading =! fractional reserve banking, but that's a digression: Tether is premised on having 1:1 USD:USDT reserves. There is no ifs or buts or alternatives. Argue against strawnmen in your head all you want, you're just at the bargaining stage of denial.

If Tether is not kying and legitimate then they have 1:1 USD:USDT reserves. If not, they print monopoly money. There is no middle ground between the two.

>>7211168
Tether changed their TOS after the token had gained widespread use and acceptance on "stable coin" premises. Including theoretical deposits and withdraws for USD. They also excluded US customers after US regulators began sniffing and sent the subpenoas.

But yes you're right: their TOS is now somewhat honest about the token being a scam and anyone who has confidence in Tether or crypto generally after reading it is the greatest fool.

>>7213033.
>Tether has never held itself to be a "fractional reserve" USD token.
Have you read the thread? I said that would make much more sense and that claiming to or actually having a 1:1 backing is both pants on head retarded and raises red flaga. then some retarded anon went on about how that would be a terrible idea. Because as I said, functionally it does not matter if they have a 1:1 backing or not. Its just in your heads.
>Nobody has ever traded or used in on the basis of it being a "fractional reserve" token.
Most people trade it because its valued at $1 USD. fractional reserve really has no baring on it, other than to skeptics like me who question why they would have a 100% reserve. and brainlets who think fractional reserve would be bad and that you need a gold bar for a dollar or whatever.
>Your also misusing the concept, insolvent trading =! fractional reserve banking
No. Fractional reserve banking has nothing to do with insolvency. I already said in this thread. It's assets -liabilites. even if you have 20% reserve you can have enough assets to cover liabilities. Likely more so infact cause you have more potential to grow capital. I am just saying its absurd to list the market cap of a cryptocurrency against your liabilities. How on earth is it a liability? they dont "owe" $2bil in tethers.
>Tether is premised on having 1:1 USD:USDT reserves.
which is fucking dumb
>There is no ifs or buts or alternatives.
I literally outlined a much better alternative.
>Argue against strawnmen in your head all you want, you're just at the bargaining stage of denial.
I literally said itt Id stay away at the moment. And the absurd claim of 1:1 back has always made me skeptical.
>If Tether is not kying and legitimate then they have 1:1 USD:USDT reserves.
If they have 1:1 reserves Id bet my bottom dollar they are dying.
>If not, they print monopoly money. .
Well if you want to be that retarded USD is monopoly money. But ignore me explaining markets to you anom

>>7212664
>She singlehandedly caused Bitcoin to drop from 20k to 8k. Is she the most powerful FUDer of all time?

Its a HE. God you gaytards just have to make everything a trap dont you?